November 29, 2022
Guidance starts 60-day “clock” for key labor provisions to take effect
WASHINGTON - Today, the Treasury Department announced initial guidance on the Inflation Reduction Act’s strong labor standards that firms must meet to qualify for enhanced clean energy and climate tax incentives. The guidance, which can be read in full here and will be published in the Federal Register tomorrow, is an important first step toward making sure the Inflation Reduction Act supports good-paying jobs in the clean energy industry, expands workforce training pathways into these jobs, and lowers costs for American families.
“The historic Inflation Reduction Act that President Biden signed into law earlier this year puts in place tax incentives across the energy sector that will drive renewable energy investment and economic growth while ensuring the jobs created from this investment and growth are good-paying ones, with strong labor protections,” U.S. Secretary of the Treasury Janet L. Yellen said. “Workers should benefit from the clean energy economy they’re helping build. The guidance announced today provides firms greater clarity on how to meet the labor standards embedded in the bill to maximize the available tax credits.”
The Inflation Reduction Act is the single most significant legislation to combat climate change in our nation’s history, investing a total of $369 billion to help build a clean energy economy. Nearly three-quarters of that climate change investment – an...
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